HNA Group has signed a strategic cooperation agreement with Zhejiang Qiantang Aviation Industrial Group Company Limited to set up a new airline in Zhejiang.

According to the agreement, the two parties will leverage their resources to carry out close cooperation in the aviation field, and to build a local airline in Zhejiang.

It is reported that initial registered capital of the new air company will be at least CNY300 million. Base in Hangzhou Xiaoshan International Airport, the new airline plans to have more than 30 aircraft in its fleet within three years, with aims to operate domestic and international routes to Beijing, Southeast Asia, Europe, and the Americas using Airbus A330 aircraft.

Zhejiang Qiantang Aviation Industrial Group is a private air company in Zhejiang, and engages in a number of items in the aviation industry.

(China Hospitality News August 15, 2008)